2019 HALF-YEAR RESULTS

1 Aug 2019

REVENUES: +17%

Strong growth in Residential sales
Success in Business Property and Large Mixed-use projects
Value creation in Retail
Guidance confirmed 

Building the city: a huge market 

  • Consolidated Pipeline: €19.4 billion of potential value (+7%)
  • Large Mixed-use projects: Winning of Simonettes tender in Champigny-sur-Marne (94) for 56,000 m²
  • Property development: Acquisition of 50% of Woodeum, French leader in wooden residential property development


Residential: a winning strategy, strong growth in Residential sales 

  • New orders: €1,482 million incl. tax (+16%) and 5,336 units (+2%)
  • Revenues: €899 million (+13%)


Business Property: sourcing of new investments projects and sustained activity in the regions 

  • CNP agreements: Sale of Issy Coeur de Ville offices to CNP Assurances and acquisition of its current head office to be redeveloped in Paris-Montparnasse (56,200 m²)
  • Investments: €369 million incl. tax (+11%), including EM Lyon Business School, won in June


Retail: rising share of travel retail, solid operational performances 

  • Rotation of assets: Acquisition of 5 Italian railway stations as concessions. Disposal of 3 centres for €122 million (+1.9% vs. appraisal values)
  • Net rents: €92.6 million (+12.5%), boosted by shops openings in the Paris-Montparnasse railway station +2.7% on a like-for-like basis
  • Net value creation: +€71.6 million in Group share


Financial performance 

  • Revenues: €1,279 million (+17%), strong growth across all business divisions
  • FFO: €110.2 million (-6.6%), i.e. €6.87 / share
  • Going Concern NAV: €167.8 / share (+6.9% vs 31 December 2018 excluding dividend)


Financial structure: strong balance sheet, decreasing LTV while rapidly developing 

  • Net debt: €2,479 million (LTV: 34.1%)
  • Credit ratings BBB, stable outlook, confirmed by S&P for Altarea and Altareit


Guidance confirmed 

  • FFO 2019: Between €17.50 and €17.70 / share
  • 2019 dividend €13.00 / share
  • FFO 2020 €300 million in Group share
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